The California Association of Realtors published this article recently with great news. In California bank owned sales of single family homes are decreasing while equity sales are increasing. The month of July 2013 compared to July 2012 showed the following:
- Bank Owned Sales July 2013 = 5% of total sales
- Bank Owned Sales July 2012 = 18% of total sales
- Equity Sales July 2013 = 83% of total sales
- Equity Sales July 2012 = 59% of total sales
We are seeing the same trend in Tuolumne county:
- Bank Owned Sales July 2013 = 16% of total sales
- Bank Owned Sales July 2012 = 36% of total sales
- Equity Sales July 2013 = 82% of total sales
- Equity Sales July 2012 = 51% of total sales
These are positive signs of a recovering market.
Keeping it Local & Keeping it Real
“From Steve’s Desk” shares the musings of Steven B. Campbell Sr., Broker at Prudential California Realty. Steve is a strong leader with a broad business background. He often shares his philosophies in writing and I thought it would be fun to start posting some of his pieces to give a sense of the culture here at Prudential. A company’s culture equals the “way of life” for its employees as well as clients. Steve intentionally creates and maintains a culture that is based on openness, integrity and values. Under his guidance we work hard and we have fun. I hope you enjoy.
SPRING: A Time for Renewal…and New Life!
by Steven B. Campbell Sr.
As we all experience, time seems to pass faster and faster. If we view it as a single “continuous ride”, little will ever change – at least not for the better. Instead, we can all benefit from regular assessments and course corrections which are targeted at genuine improvement – daily, weekly, monthly.
What better time than Spring and Easter to think in terms of RENEWAL, a FRESH START, or even a shot at making a NEW LIFE? It’s all very do-able!
In terms of our business, there are many things we can consider doing to jump start that New Life but any of them must begin with our own personal commitment. I have written previously about “Desire” versus “Ambition”. There are many who have the desire to be successful, but there are few who display the ambition to get there. As Brian Buffini says, “Everyone wants to go to heaven but no one wants to die to get there!” Is your “Why” big enough to ignite that fire of ambition? If not, re-think what you’re doing and why you’re doing it. If it is big enough, then you will find the time, the energy, and the will to do what is proven to work – employ it to your benefit!
Brian reminds us of what we should be doing NOW in order to ignite our current and future production:
- Create or update a list of everyone you know.
- Send out an Item of Value in the mail.
- Post your W.I.N.* goal sheet where you will see it every day. *”What’s Important Now!”
- Call your favorite people in your database.
- Send a personal note to everyone you call.
It’s simple, it’s inexpensive, and it’s proven to work. Why wouldn’t you wish to do it?
On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes, is great news for struggling homeowners nationwide.
The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash.
Under the Mortgage Forgiveness Debt Relief Act, any debt forgiven in a short sale, foreclosure, or loan modification, is exempt from federal taxes on primary residences. For homeowners facing foreclosure, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes.
The act, however, was only extended through December 31, 2013. So if you or someone you know is facing the threat of foreclosure, it is important that you act now to take advantage of this tax exemption. As a Certified Distressed Property Expert (CDPE) agent, I am specially trained to help homeowners escape the threat of foreclosure. I can help find a solution. My email is email@example.com
Program Updates Effective February 1, 2013
however, Servicers may implement changes immediately
The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative overseen by the U.S. Treasury Department and administered by Fannie Mae assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure,specifically through short sales or deeds-in-lieu of foreclosure.
BEFORE Feb. 1, 2013
AFTER Feb. 1, 2013
|Required Documents||Use of Short Sale Agreement and Request for Short Sale Approval or forms substantially similar in content are required||Use of Short Sale Agreement and Request for Short Sale Approval documents optional|
|The Short Sale Notice (SSN) and the Acknowledgement of Request for Short Sale (ARSS) are now the preferred forms for servicers with regards to HAFA Short Sales. The Deed-in-Lieu (DIL) Agreement is now optional, and the Request for Approval of Short Sale (RASS) and Alternative Request for Approval of Short Sale (Alt RASS) are being phased out.|
|Response Time||Servicers required to respond within 45 days||Servicers required to respond within 30 days|
|The time frame for servicers to respond to a borrower’s request for a short sale has been shortened from 45 calendar days to 30 calendar days (generally).|
|Pre-Determined Hardship & Affidavit||Affidavit of borrower hardship required for approval of HAFA short sale||Pre-determined hardship (90+ days delinquent and FICO below 620) with affidavit required|
|Borrowers who are 90 days or more delinquent and have a FICO score that is less than 620 will be deemed to have a “pre-determined” hardship. Servicers do not need to further validate the hardship to approve the HAFA short sale. However, they must execute a Hardship Affidavit prior to closing.|
|Short Sale Affidavit||
No arms-length transaction or HUD-1 affidavit required
New HAFA Affidavit to be completed at closing
|A new HAFA Affidavit is now required, while both the borrower and the buyer must sign. This affidavit certifies the sale is an arm’s-length transaction (the homeownerand buyer have no previous connection to one another), that no money is beinggiven or received outside of the HUD 1, and other necessary information.|
|Subordinate LienholderPayoff||Treasury contribution to subordinate lienpayoff $2,000||Treasury contribution to subordinate lienpayoff increased—up to $5,000|
|The Department of the Treasury will now provide up to $5,000 as an incentive to payoff secondary lienholders.|
|No resale before 90 days||
Resale after 30 days allowed
|The current restriction on reselling a property within 90 days after closing is being shortened to 30 days. From 31 to 90 days, the resale price cannot exceed 120% ofthe HAFA short sale price.|
If you have HAFA or Real Estate related questions for Sonora, Copperopolis or Tuolumne County I can be reached at 209-536-3000 or firstname.lastname@example.org
Source: United States Treasury Department via CDPE/Charfen Institute
As I get things together to head to Mom & Dad’s for the holiday I am reminded that no matter where I live, at Christmas time, their home is “Home”. Where is your Home for the holidays?
With my family’s Holiday traditons about to kick off I wish you and yours a very Merry Christmas and a beautiful holiday season.
“From Steve’s Desk” is a new feature on this blog created to share the musings of Steven B. Campbell Sr., Broker at Prudential California Realty. Steve is a strong leader with a broad business background. He often shares his philosophies in writing and I thought it would be fun to start posting some of his pieces to give a sense of the culture here at Prudential. A company’s culture equals the “way of life” for its employees as well as clients. Steve intentionally creates and maintains a culture that is based on openness, integrity and values. Under his guidance we work hard and we have fun. I hope you enjoy.
Year-End: A Great Time for Assessement
by Steven B. Campbell Sr.
As we approach the end of another year, we can all view it as an opportunity for personal and professional assessment – a time to ask ourselves a few key questions. They might include:
What worked well for me this year? What proved to be a waste of time?
What have I learned from this year – and how can I avoid repeating any mistakes?
What did I enjoy doing the most? (We typically do best, what we enjoy the most.) How can I use it to improve my results next year?
It’s really all about “continuous improvement” and not missing the convenient or natural milestones to re-assess and identify ways to get better. They need not be “huge” improvements…just clear, measurable improvements that add to both your bottom line…and to your enjoyment of the business.
At Prudential, we focus on ways to get better – daily. It’s part of the culture and part of our commitment to Success. That commitment also includes a sincere commitment to knowing … and doing… the Right Thing.
Miette is one of the most charming little bakeries in San Francisco. And, they have the most charming cook book filled with cakes, cookies and other goodies. Ingredients are very important at Miette where the philosophy is to use “the very best ingredients which we define as local, sustainable and, whenever possible, organic.” So, when Tuolumne County Real Estate Appraisor, Rick Fox, gave me a jar of his locally made honey I knew exactly what to do ~ finally make Miette’s Honey Tea Cake. Oh, it was good. If you want the recipe send me a quick email and I’d be happy to share. email@example.com
A mortgage is often the largest debt that one undertakes and as a result, many homeowners look to pay it off as soon as they can. In addition to reducing overall debt, paying off your mortgage early enables you to purchase a second home or investment property. For strategies to reduce your mortgage principal check out this link: Pay Off Your Mortgage Report
“From Steve’s Desk” is a new category on this blog created to share the musings of Steven B. Campbell Sr., Broker at Prudential California Realty. Steve is a strong leader with a broad business background. He often shares his philosophies in writing and I thought it would be fun to start posting some of his pieces to give a sense of the culture here at Prudential. A company’s culture equals the “way of life” for its employees as well as clients. Steve intentionally creates and maintains a culture that is based on openness, integrity and values. Under his guidance we work hard and we have fun. I hope you enjoy.
Methods and Values….Working Together
by Steven B. Campbell Sr.
More than 30 years working in challenging and competitive business environments have allowed me to demonstrate just how important it is to hold a solid set of Values and to have the right Methods for employing them…consistently. The fact is we cannot hold one set of values for our personal lives and another set for our professional lives. What we believe in is typically what shows—in all aspects of our lives.
A few of the Methods I employ which illustrate the Values which I feel strongly about and do my utmost to employ daily:
I wish to be 100% accessible and approachable.
I can’t promise to always agree but I can promise to always listen – while giving full and fair consideration to all views and opinions.
I manage as if there were no “secrets”…it reinforces my commitment to fairness and “doing the right thing” – for all concerned.
My integrity does not have a price tag. It’s taken 30 years to build my reputation and it can take just a day to lose it. You keep it as you build it…a day at a time.
A commitment to continuous improvement should be an important part of our personal and professional lives. “Change” is a fact of life, and it should always be for the better.
The Golden Rule always works. Showing empathy for others and ensuring that we are treating others as we would expect to be treated, under like circumstances, should be an important criterion for all we do.